‘AltFIs’ challenging on current accounts

Nearly half of traditional UK bank customers could switch their current account to an alternative financial institution (‘AltFI’) such as a challenger bank, retailer or FinTech company, new research has claimed. The survey of 1,000 consumers, conducted for digital customer experience company Personetics, found that 45 per cent would consider switching their current account to an AltFI. Some 30 per cent of those canvassed already used a financial product provided by an AltFI, with savings accounts and credit cards the most popular.